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Coordinating replenishment and pricing policies for non-instantaneous deteriorating items with price-sensitive demand. (English) Zbl 1287.90009
Summary: This article will formulate and solve an inventory system with non-instantaneous deteriorating items and price-sensitive demand. The purpose of this study is to determine the optimal selling price and the length of replenishment cycle such that the total profit per unit time has a maximum value for the retailer. We first establish a proper model for a mathematical formulation. Then we develop several theoretical results and provide the decision-maker with an algorithm to find the optimal solution. Finally, two numerical examples are provided to illustrate the solution procedure, and a sensitivity analysis of the optimal solution with respect to major parameters is carried out.

MSC:
90B05 Inventory, storage, reservoirs
93A30 Mathematical modelling of systems (MSC2010)
91B60 Trade models
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